CryptoQuant CEO Ki Young Ju Believes Bitcoin Could End the Year at Just Under $59,000

In a Nov. 9 post to X, Ki said he expects Bitcoin to close the year at $58,974 and asked others on social media to speculate on what their thoughts

CryptoQuant CEO Ki Young Ju anticipates a potential decline in Bitcoin (BTC) price towards the end of the year, speculating that it could conclude at a price just under $59,000.

In a post to X on Nov. 9, Ki shared his expectations for Bitcoin to close the year at $58,974 and invited speculation from others on social media, promising to pay 0.1 BTC to the person with the closest answer.

“I expected corrections as BTC futures market indicators overheated, but we're entering price discovery, and the market is heating up even more,” Ki said in his post, adding that he “hopes to be proven wrong.”

According to data from CoinGlass, Bitcoin futures currently show a record open interest of nearly $50 billion. Open interest indicates the total number of active positions that are yet to be closed on Bitcoin derivatives, including futures and options.

However, Ben Simpson, CEO of Collective Shift, told Cointelegraph that a pullback to the $58,000 price range is still possible but appears “very unlikely” by the end of the year.

“With the Trump election, interest rates coming down, the potential for quantitative easing starting up in the future, and getting relatively consistent days of a billion dollars Bitcoin ETF volume, more people are catching on,” he said.

The price of Bitcoin has surged over 17% in the last seven days, briefly rallying to another new all-time high of $81,570 on Nov. 10.

The cohort of 11 spot Bitcoin exchange-traded funds (ETFs) saw a combined $1.6 billion in net inflows last week, while Nov. 7 stood out as the largest inflow day on record, according to data from Farside Investors.

“When you've got a limited supply asset like Bitcoin and the amount of demand that's coming in, it can only go one way,” said Simpson.

“In previous cycles, 20-30% corrections are normal, but the slow grind higher for Bitcoin has been so exciting to see because the pullbacks are only five to six percent so far,” Simpson added.

“The market structure is looking super strong. There's always the potential to dip suddenly, but I think we'll keep moving higher.”